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Bitcoin Stalls Near Resistance; Support Around $54K
BTC stalled just shy of $60K resistance during Asia hours. Support is around $54K.
Updated Mar 6, 2023, 3:31 p.m. Published Mar 31, 2021, 11:22 a.m.
Bitcoin (BTC) approached resistance just shy of the $60,000 level during Asia hours. The cryptocurrency continues to consolidate with buyers showing limited strength from support levels.
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- Support is around $54,000 on the four-hour chart, which is roughly the midpoint of the month-long consolidation.
- The four-hour relative strength index (RSI) is now overbought, which could encourage some profit-taking towards lower support levels.
- The previous RSI overbought signal on March 13 preceded a roughly 13% drop in BTC from its all-time high around $61,000.
- BTC’s uptrend remains intact on the daily chart with support from oversold bounce at $50,000.
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Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
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